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Leibish & Co

Monday, November 7, 2011

Hermès Q3 Sales Up 15.8% Led by Watch and Jewelry Sales


The cream rises to the top as the best luxury goods brands continue to report robust sales in a difficult economic climate.

Hermès reports that revenue in the third quarter increased 15.8 percent, year-over-year, to 683.2 million euros. Revenue rose by 18.2 percent at constant exchange rates (stripping out the effects exchange rate changes). Sales growth for the Group's own stores was up 19.1 percent at constant exchange rates for the period, despite of a high comparison basis.

The 174-year-old Parisian brand said watch sales rose 22.4 percent (24.9 percent at constant exchange rates) to 37.5 million euros. Under the ready-to-wear & fashion accessories category, which includes jewelry, sales rose 28.9 percent (32.4 percent at constant exchange rates) to 148.1 million euros for the period, ended September 30.

Sales in other product categories are as follows:

* Silk & Textiles, up 21 percent (24.1 percent at constant-exchange rates) to 76 million euros.

* Leathergoods & Saddlery, up 8 percent (10.3 percent at constant-exchange rates) to 319.5 million euros.

* Other Hermes Sectors, up 29.9 percent (32.2 percent at constant-exchange rates) to 25.6 million euros.

* Perfumes, up 11.2 percent (11.6 percent at constant-exchange rates) to 42.7 million euros.

* Tableware, up 15 percent (16.8 percent at constant-exchange rates) to 10.9 million euros.

* Other products (which include John Lobb shoes as well as production activities realized for third parties, such as textile printing, perfumes, tanning), up 22.5 percent (23.3 percent in constant exchange rates) to 22.9 million.

Sales among geographical regions are as follows:

* Americas rose 12.9 percent (21.8 percent at constant exchange rates) to 106.6 million euros.

* France rose 5.4 percent to 111.8 million euros.

* The rest of Europe rose 21.3 percent (20.2 percent at constant exchange rates) to 138.1 million euros.

* Japan rose 4.3 percent (3.2 percent at constant exchange rates) to 115.8 million euros.

* The rest of the Asian Pacific rose 28.9 percent (33.9 percent at constant exchange rates) to 201.9 million euros.

Because of its strong third-quarter showing the company increased its outlook for the year, saying it expects sales growth to be 15 to 16 percent at constant exchange rates.

“Meeting this target will be highly contingent on the business sectors' ability to meet stepped-up demand ahead of the year-end holiday season,” the company said.

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